Delphi Requests $10 Million For Executive Legal Defense Fund

Edward Niedermeyer
by Edward Niedermeyer
delphi requests 10 million for executive legal defense fund

The Kokomo Tribune reports that the funds are for several former executives facing securities fraud charges, including former CEO and president, J.T. Battenberg. The KT describes Delphi’s 15,000 retirees as being “riled” by the decision. Considering the The Delphi Salaried Retirees Association just negotiated $8.75 million for continued health insurance benefits, I’d imagine “riled” is some heavy-duty midwestern understatement. They’re definitely seeking a motion to block the request. According to court papers though, $6 million has been deposited in the defense fund since Delphi entered bankruptcy aproximately 4.5 billion years ago (based on carbon dating). “Where is the justice?” asks DSRA interim chairman, Dennis Black. “Where is the money coming from?” Nope, I got nothing.

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4 of 8 comments
  • GS650G GS650G on May 07, 2009

    They want 10 million, not 10 billion or 10 trillion? What happened, did they forget a few zeros on the request. I'm trying to find a way to pay off a 10K credit card and these people are stepping right up and asking for more money than I'll ever make just to defend an executive who easily made more than that in the past decade. last one out turn off the light.

  • AG AG on May 07, 2009

    I'm sorry, Landcrusher, did you just call the Bar Association a union? Seriously?!?!?!

  • GoHuskers GoHuskers on May 07, 2009

    Hang these "executive" theives and save us all the time, effort and expense of a trial.

  • Landcrusher Landcrusher on May 07, 2009

    Oh yes, I did it, and I ain't backing off one bit. The smelliest pile of shit in the whole system is the bar. You can't write a conspiracy theory in your wildest dreams that surpasses the one that the bar has in place. Skull and Bones is a bunch of pikers by comparison. Even if they all have the best intentions, the design of the system will cause many of the problems we have today as sure as gravity will bring down an airplane out of fuel. I have plenty of friends who are lawyers. All good men and ladies. It doesn't matter. Here is a great exercise in civics - Try to figure out how to end the bar's monopoly.